Core Viewpoint - Xpeng Motors (09868) shares rose over 4%, currently trading at 81.65 HKD, following the announcement of its first range-extended SUV, the Xpeng G7 Super Range Extender, which features the latest range-extending technology [1][1]. Group 1: Product Launch - The Xpeng G7 Super Range Extender was officially unveiled on September 12, featuring a pure electric range of 430 km and equipped with an 800V high-voltage platform and 5C supercharging AI battery [1][1]. - The vehicle is designed to offer both long-range capabilities and fast charging advantages [1]. Group 2: Future Plans - Xpeng's CEO, He Xiaopeng, indicated at the Munich Auto Show that future models will generally feature "dual energy" capabilities, launching both pure electric and super range extender versions for the global market [1][1]. - The Xpeng P7+ is planned to launch a super range extender version in 2026, also featuring a 5C supercharging AI battery, with an expected pure electric range of approximately 400 km [1].

Core Viewpoint - Xiaopeng Motors (09868) has seen a stock increase of over 4%, currently trading at 81.65 HKD with a transaction volume of 770 million HKD, following the announcement of its first range-extended SUV, the Xiaopeng G7 Super Range Extender [1] Group 1: Product Launch - The Xiaopeng G7 Super Range Extender features the latest generation of Xiaopeng's range-extending technology, offering a pure electric range of 430 km [1] - The vehicle is equipped with an 800V high-voltage platform architecture and a 5C supercharging AI battery, which provides advantages in both long-range and fast charging [1] Group 2: Future Plans - CEO He Xiaopeng announced at the Munich Auto Show that future Xiaopeng models will generally achieve "dual energy" capabilities, launching both pure electric and super range-extended versions for the global market [1] - The Xiaopeng P7+ is planned to launch a super range-extended version in 2026, also featuring a 5C supercharging AI battery, with an expected pure electric range of approximately 400 km [1]

Core Viewpoint - The launch of the new generation of IM LS6 marks a significant shift for the brand towards range-extended technology, aiming to capture market attention and improve sales performance after a lackluster first half of the year [2][3][34]. Group 1: Product Overview - The new IM LS6 is positioned as a super large 5-seat intelligent SUV, featuring a robust design and advanced technology [4]. - The vehicle offers both pure electric and range-extended versions, with a total of nine configurations available [5][6][8]. - The LS6 has received over 10,000 pre-orders within 27 minutes of its launch, indicating strong market interest [10]. Group 2: Technical Specifications - The LS6 is equipped with a 66 kWh battery, providing a comprehensive range of 1,500 kilometers and a pure electric range of 450 kilometers under CLTC conditions [4][17]. - The vehicle features advanced driving assistance systems, including the new IMAD3.0, which supports "no-map city NOA" and "one-click AI driving" [22][25]. - The LS6 utilizes a dual 18° smart four-wheel steering system, achieving a turning radius as low as 4.49 meters, enhancing maneuverability [14][15]. Group 3: Market Context - IM's sales in the first half of the year were only 19,000 units, significantly lower than competitors like Lantu and Avita, which have consistently surpassed 10,000 monthly sales [2][34]. - The shift to range-extended technology is seen as a critical move for IM to regain market relevance and compete effectively in the growing electric vehicle segment [3][34]. - The collaboration with major battery manufacturers like CATL and the introduction of large battery packs are expected to drive market growth and meet consumer demands for longer ranges [19][20].

Core Insights - The founder and CEO of NIO, Li Bin, expressed the challenges of adhering to a pure electric technology route, but noted that this persistence is now reaching a turning point as the market dynamics shift towards pure electric vehicles [1] Group 1: Market Trends - In July, China's retail sales of pure electric vehicles reached 487,000 units, a year-on-year increase of 24.5%, while range-extended vehicles sold only 102,000 units, marking a year-on-year decline of 11.4% [1] - The decline in range-extended vehicle sales indicates a shift in consumer preference towards pure electric vehicles, which are expected to gain more competitive momentum in the future [1][3] Group 2: Technology and Design - Range-extended vehicles (REEV) combine electric drive with a supplementary fuel engine, featuring components like battery packs, electric motors, and range extenders, which provide a unique driving experience [1][2] - However, the design of range-extended vehicles comes with trade-offs, such as increased weight compared to pure electric vehicles, which can negatively impact energy consumption and handling performance [2] Group 3: Consumer Preferences - The initial success of range-extended vehicles was driven by their ability to alleviate consumer concerns about range anxiety, but advancements in pure electric vehicle technology are diminishing this advantage [3] - Current mainstream pure electric vehicles typically offer a range exceeding 600 kilometers, and with fast-charging capabilities, users can travel 400 kilometers after just 10 minutes of charging, significantly reducing range anxiety [3] Group 4: Industry Evolution - The industry is witnessing a trend where many range-extended vehicles are now achieving pure electric ranges exceeding 400 kilometers, indicating a shift towards optimizing electric performance [4] - This transition suggests that range-extended vehicles are increasingly aligning with pure electric technology, potentially leading to a scenario where consumers may find it more economical to choose pure electric vehicles directly [4]

Core Viewpoint - The shift from range-extended electric vehicles (REEV) to pure electric vehicles (BEV) is becoming evident as the latter gains market momentum, with a significant increase in sales and a decline in range-extended vehicle sales [1][3]. Group 1: Market Trends - In July, China's pure electric vehicle retail sales reached 487,000 units, a year-on-year increase of 24.5%, while range-extended vehicles sold only 102,000 units, marking an 11.4% decline [1]. - The core advantage of range-extended vehicles, which was to alleviate range anxiety, is diminishing as advancements in battery technology and charging infrastructure improve the performance of pure electric vehicles [3]. Group 2: Technological Developments - Range-extended vehicles combine electric and fuel power, featuring a complex system that includes a battery, electric motor, and an engine-generator unit, which can lead to increased vehicle weight and reduced efficiency compared to pure electric vehicles [2]. - Many range-extended vehicles are now achieving pure electric ranges exceeding 400 kilometers, indicating a shift towards larger battery capacities and reduced reliance on fuel [4]. Group 3: Competitive Landscape - Traditional automakers and new entrants are increasingly adopting range-extended technology, but the market is evolving as pure electric vehicles offer better user experiences and cost efficiencies [2][4]. - The competition is pushing range-extended vehicles to adapt, potentially leading to a scenario where consumers may find it more economical to choose pure electric vehicles directly [4].

Core Insights - The rise of Seres in the Chinese automotive industry exemplifies a successful transformation from a traditional manufacturing enterprise to a modern player in the electric vehicle market [1][2] - Seres has demonstrated strategic foresight by investing heavily in technology and innovation, even amidst financial losses, leading to significant growth in revenue and market presence [2][3] Company Development - Founded in 1986, Seres began as a small spring manufacturer and transitioned into the automotive sector in 2003 through a partnership with Dongfeng Group [1] - The company's major transformation occurred in 2016 when it entered the new energy vehicle market and partnered with Huawei, culminating in the launch of the AITO M5 SUV in 2021 [1][2] Financial Performance - Seres' revenue surged from 14.30 billion yuan in 2020 to 145.18 billion yuan in 2024, with a compound annual growth rate of 78.49% [2][16] - The company turned a net loss of 1.73 billion yuan in 2020 into a profit of 5.95 billion yuan in 2024, showcasing its resilience during market fluctuations [16] Technological Innovation - Seres has adopted a dual technology strategy of range-extended and pure electric vehicles, becoming a pioneer in range-extended technology since 2016 [4] - The introduction of the Seres Super Range Extender System in 2024 achieved a thermal efficiency of 44.8% and a fuel consumption reduction of 15% [4] Manufacturing Excellence - Seres operates three state-of-the-art smart factories in Chongqing, recognized as benchmarks for intelligent manufacturing in the automotive industry [9][10] - The factories utilize over 5,000 robots and achieve 100% automation in key processes, significantly improving production efficiency and quality [11] Strategic Partnerships - The collaboration with Huawei has redefined traditional automotive partnerships, integrating technology and manufacturing to create a comprehensive solution for smart vehicles [12] - This partnership has led to rapid product development, with the AITO M5 achieving over 10,000 sales in just 87 days, setting industry records [13] Market Impact - The AITO series has disrupted the high-end electric vehicle market, with cumulative deliveries exceeding 750,000 units by August 2025 [3][16] - The AITO M9 has become the best-selling luxury vehicle in its category, with a single vehicle price exceeding 500,000 yuan, surpassing traditional luxury brands in customer satisfaction [16] Industry Influence - Seres' approach has contributed to the mainstream adoption of range-extended technology, increasing its market penetration from less than 2% in 2020 to 18% in 2024 [19] - The company's model serves as a reference for traditional automakers seeking to transition into the electric vehicle space, emphasizing the importance of technology ownership and ecosystem collaboration [18][24]

Core Viewpoint - The article discusses the evolving landscape of range-extended electric vehicles (REEV) in the Chinese automotive market, highlighting the shift towards longer pure electric range products and the implications for traditional hybrid and electric vehicle strategies [4][5][26]. Market Dynamics - The competition in the REEV segment has intensified, with new entrants aiming to redefine the market by offering products with over 400 kilometers of pure electric range [4][5]. - Traditional automakers are increasingly adopting REEV technology due to regulatory constraints on fuel vehicles, while companies like BYD, Geely, and Great Wall focus on plug-in hybrids (PHEV) [4][5]. Battery Capacity and Market Segmentation - The article categorizes the Chinese automotive market based on battery capacity, noting that vehicles with less than 10 kWh are typically internal combustion engines (ICE), while those with 10-20 kWh are mainly HEVs [7][9]. - PHEVs dominate the 10-20 kWh segment, offering competitive pricing and fuel efficiency, while the 20-40 kWh range sees a rise in pure electric vehicles (BEV) [9][10]. - As battery capacity increases to 40-60 kWh, PHEVs are losing market share, with BEVs and REEVs becoming more prominent [10][11]. Consumer Demand and Preferences - The article outlines a hierarchy of consumer needs regarding vehicles, emphasizing the importance of mobility, space, experience, and emotional value [13][14][20]. - REEV users are characterized by their desire for electric vehicle performance combined with long-distance travel capabilities, spacious interiors, and advanced smart features [20][21]. Economic Considerations - The decreasing cost of battery materials, particularly lithium iron phosphate (LFP), has made larger battery installations more feasible for manufacturers, allowing for enhanced vehicle performance and features [12][26]. - The article posits that as more vehicles with 400+ km of pure electric range enter the market, consumers may prefer pure electric vehicles over REEVs due to cost-effectiveness and convenience [26]. Future Outlook - The potential for REEVs to transition into a more premium market segment is discussed, suggesting that if they can offer superior space, experience, and emotional value, they may redefine consumer perceptions [27]. - The article concludes that while long-range REEVs may initially attract interest, they could ultimately lead consumers to favor pure electric vehicles as charging infrastructure improves and costs decrease [26][27].

2025成都车展上，多款增程式车型的亮相备受关注。这些车型呈现出纯电续航更长、补能效率提升的特 点，同时在智能辅助驾驶、智能座舱等智能化方面也有显著提升。 新能源转型进入深水区，增程汽车的价值正被车企重新审视。尽管技术路线存在争议，但越来越多的车 企仍选择拥抱增程技术，包括广汽昊铂、阿维塔、奇瑞等在内的自主品牌相继推出增程式车型，恰是这 一趋势的缩影。 增程式车型扎堆亮相 "这款车型纯电续航350公里，综合续航1369公里，配合超充技术10分钟即可补能210公里。"面对众多观 众的咨询，成都车展广汽昊铂展台一名工作人员介绍，昊铂HL增程版搭载60kWh宁德时代（300750） 骁遥超级增混电池，并标配激光雷达与Orin-X芯片等智能硬件和高通骁龙8295P芯片。 车企对增程车型态度发生变化 曾经备受争议的增程技术，短短数年间，为何迅速实现市场逆袭，与纯电动、插电混动车型并肩，跻身 新能源市场主流？ 中国汽车流通协会乘用车市场信息联席分会（简称"乘联分会"）数据显示，2024年增程式汽车销量达 116.7万辆，同比增长78.7%，增速超纯电和插混车型。更重要的是，在溢价和利润更高的大中型SUV市 场，理想、问界 ...

2025成都车展上，多款增程式车型的亮相备受关注。这些车型呈现出纯电续航更长、补能效率提升的特 点，同时在智能辅助驾驶、智能座舱等智能化方面也有显著提升。 新能源转型进入深水区，增程汽车的价值正被车企重新审视。尽管技术路线存在争议，但越来越多的车 企仍选择拥抱增程技术，包括广汽昊铂、阿维塔、奇瑞等在内的自主品牌相继推出增程式车型，恰是这 一趋势的缩影。 增程式车型扎堆亮相 "这款车型纯电续航350公里，综合续航1369公里，配合超充技术10分钟即可补能210公里。"面对众多观 众的咨询，成都车展广汽昊铂展台一名工作人员介绍，昊铂HL增程版搭载60kWh宁德时代骁遥超级增 混电池，并标配激光雷达与Orin-X芯片等智能硬件和高通骁龙8295P芯片。 智己汽车首款增程式车型——智己LS6超级增程车型搭载上汽自研的增程技术"恒星"超级增程，纯电续 驶里程突破450公里，整车综合续航达1500公里，配备800V高压平台，15分钟即可补充续驶里程310公 里。车内智能化应用高通8295车机芯片，辅助驾驶则使用英伟达Thor辅助驾驶方案，车辆首发搭载520 线激光雷达，支持高速+城市辅助驾驶功能。 车展上奇瑞汽车、阿维塔 ...

Core Insights - The early success of Li Auto was attributed to its precise entry into the market with range-extended technology, addressing consumer concerns about range anxiety and achieving explosive sales growth [1] - The range-extended vehicle segment has transitioned from a niche choice to a competitive arena, with traditional automakers and new entrants alike investing in this technology [2] - Despite the initial growth, the market for range-extended vehicles is cooling, with a notable decline in sales and a shift in consumer preference towards pure electric vehicles [3] Group 1: Market Dynamics - The sales of range-extended vehicles in July 2025 reached 102,000 units, a year-on-year decline of 11.4%, contrasting with a 24.5% increase in pure electric vehicle sales during the same period [3] - The market share of range-extended vehicles decreased from 10.7% in 2024 to 9.8% in 2025, indicating a shift in consumer preference [8] - Li Auto's delivery numbers have shown a significant decline, with July 2023 deliveries at 30,700 units, down 39.7% year-on-year, and further dropping to 28,500 units in August 2023, with a decline exceeding 41% [8] Group 2: Competitive Landscape - The rapid influx of competitors has led to a saturated market, with many brands mimicking Li Auto's approach, resulting in diminished brand loyalty among consumers [10] - The average selling price of Li Auto vehicles has decreased from 331,000 yuan in 2022 to 268,700 yuan in Q4 2024, reflecting increased competitive pressure [10] - The growth of zero-run vehicles, which saw a 103.8% year-on-year increase in 2024, highlights the competitive dynamics within the range-extended segment [7] Group 3: Technological Evolution - The current trend in range-extended vehicles is shifting towards larger batteries and ultra-fast charging, aligning more closely with pure electric vehicle technology [12][15] - The evolution of range-extended vehicles is leading to a loss of their unique advantages, as they now compete directly with pure electric vehicles on range, cost, and user experience [15] - Companies are exploring new breakthroughs in battery technology to meet evolving consumer demands for electric range and charging convenience [12]